Reference no: EM133145205
Question - At the end of the current year, the accounts receivable account has a debit balance of $1,140,000 and sales for the year total $12,920,000.
a. The allowance account before adjustment has a debit balance of $15,400. Bad debt expense is estimated at 1/4 of 1% of sales.
b. The allowance account before adjustment has a debit balance of $15,400. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $49,300.
c. The allowance account before adjustment has a credit balance of $7,600. Bad debt expense is estimated at 1/2 of 1% of sales.
d. The allowance account before adjustment has a credit balance of $7,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $63,100.
Required - Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.
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